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The Morning News

The Morning News is an Open Thread

From Yahoo News Top Stories

1 Senate to vote on financial rescue plan on Wed.

By CHARLES BABINGTON and JIM KUHNHENN, Associated Press Writers

1 minute ago

WASHINGTON – In a surprise move to resurrect President Bush’s $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for Wednesday – but added a tax cut plan already rejected by the House. Majority Leader Harry Reid, D-Nev., and GOP Leader Mitch McConnell of Kentucky unveiled the plan Tuesday.

The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,000, as called for by the two presidential nominees only hours earlier.

The move to add a tax legislation – including a set of popular business tax breaks – risked a backlash from House Democrats insisting they be paid for with tax increases elsewhere.

The Stars Hollow Gazette

I can hardly make sense of it anymore.

Things seem to be spiraling faster and faster circling around a black hole of an energy drain.

Trouble in River City my friends.

I had my dad insist tonight there was a deal, but there’s not nor is there any indication that this one is a good one-

It’s not $700 billion in a lump (a made up number anyway).  It’s subject to legislative and judicial review.  It’s punitive in terms of executive compensation.  It will purchase equity except that most of it won’t.

Or so people say, but they’re the same people who said things were ok in the first place so why should I trust them?

Krugman is mildly in favor, Sirota thinks it’s a sellout.  Pelosi is peddling that there isn’t enough discipline among House Democrats and who knows?  I don’t think I’d vote for it.  Calls are said to be running 100 to 1 against.  It is a Republican policy meltdown and is correctly labeled that way in public perception.

Notable items on my agenda that are missing or unclear is where is the attempt to shore up the underlying asset rather than the 40x leveraged derivative?  I think that would be a heck of a lot cheaper.  And why do you want to maximize buy in?  This is not fucking flood insurance.

I don’t get the urgency either.  The fact is that given our actual economic activity we ought to be trading 2000 points lower and it will happen sooner or later.  Forty days is going to change things a lot.

Or not.  It’s very disappointing to hear dial backs in the urgent program of public works and infrastructure projects including green energy.  How come we’re not spending an Iraq Occupation on them?

And Chinese me no Chinese, someone who owes you a billion or 2 is a thief, a trillion or 14 a valued customer.

Or in for a penny in for a pound and as any fool knows a pint is a pound the world around and if you’ve ever paid $2.50 for a beer you know how true this is.

Weekend News Digest

Weekend News Digest is an Open Thread

From Yahoo News Top Stories

1 AP Investigation: Palin got zoning aid, gifts

By BRETT J. BLACKLEDGE, Associated Press Writer

2 hours, 12 minutes ago

WASILLA, Alaska – Though Sarah Palin depicts herself as a pit bull fighting good-old-boy politics, in her years as mayor she and her friends received special benefits more typical of small-town politics as usual, an Associated Press investigation shows.

When Palin needed to sell her house during her last year as Wasilla mayor, she got the city to sign off on a special zoning exception – and did so without keeping a promise to remove a potential fire hazard.

She gladly accepted gifts from merchants: A free “awesome facial” she raved about in a thank-you note to a spa. The “absolutely gorgeous flowers” she received from a welding supply store. Even fresh salmon to take home.

Weekend News Digest

Weekend News Digest is an Open Thread

52 stories.  Yes no Business or Science yet.

From Yahoo News Top Stories

1 Tainted milk crisis hits more global companies

By ELAINE KURTENBACH, AP Business Writer

Sat Sep 27, 7:35 AM ET

SHANGHAI, China – Snackers, beware: Your favorite chocolate or creamy treats might contain milk contaminated with melamine.

The list of companies facing potential recalls grew Friday as reports of foods tainted with the industrial chemical melamine, which has been blamed in the deaths of four Chinese infants, spread to a widening range of products.

Food companies around the globe are rushing to assess their products and in some cases setting new strategies to prevent problems.

2 Chinese leader vows better food safety, ethics

By AUDRA ANG, Associated Press Writer

2 hours, 31 minutes ago

BEIJING – Premier Wen Jiabao promised Saturday to improve Chinese food safety, seeking to tamp down public anxiety in the widening scandal over tainted milk that has sickened more than 50,000 children.

Speaking at the World Economic Forum in the port of Tianjin, Wen did not announce new initiatives but he said the government would work to instill business ethics in light of the milk contamination and a string of earlier product safety disasters.

“We plan not only to revitalize the food industry and the milk powder industry, we will try to ensure that all China-made products are safe for consumers and consumers can buy with assurance,” he said.

The Stars Hollow Gazette

Times interesting enough for you yet?

I’d tell you what I know except I’ve signed a non-disclosure agreement.  And people have seen me eat a $10 sandwich on the street while I was no help at all flagging down a cab though I think I did see Kirk with a pedicab whom we could have paid to chase down a real cab if we’d been inventive.

Next time I’ll have to be earlier so I get a step seat or bring a chair.  I have some of the fold up types but nothing doesn’t make them seem like the Park Lane Mystery.  I have enough trouble with metal detectors.  Still, it wasn’t so bad, I’ve been in smaller theaters with less entertainment, there was a lot of energy and overall the experience was very much like TDS/TCR except there we were and we couldn’t talk so much.

There is only one topic worth discussing though-

Will the Mets make the post season?

Not about the economy at all.

The Stars Hollow Gazette

Because you just can never get enough Anthrax-

Key senators dispute FBI’s anthrax case against Bruce Ivins

Glenn Greenwald, Salon.com

Wednesday Sept. 17, 2008 10:25 EDT

Already, after 30 minutes or so, the two ranking members of the Committee have both told Mueller that, in essence, they do not accept or believe the FBI’s accusations against Bruce Ivins. The Democratic Chairman of the Committee, Pat Leahy (who was a target of the anthrax attacks) told Mueller categorically that he simply does not believe that Ivins was the prime culprit if he was a participant at all, and said he is absolutely convinced that there were others involved in the preparation and mailing of the anthrax. Leahy began the hearing by identifying the U.S. Army’s Dugway Proving Ground and the private CIA contractor Battelle Corporation — but not Fort Detrick — as the only two institutions in the U.S. capable of producing anthrax of the strain that was sent to him and Sen. Daschele. Leahy asked Mueller whether he was aware of any other institutions capable of producing the anthrax, and when Mueller — amazingly though unsurprisingly — claimed he couldn’t answer, Leahy demanded that he obtain the answer during a break and tell the Committee today what the answer is.

The bottom line is that it is quite extraordinary that the FBI has claimed it has identified with certainty the sole culprit in the anthrax attacks, but so many key Senators, from both parties, simply don’t believe it, and are saying so explicitly. Leahy’s rather dark suggestion that there were others involved in these attacks — likely at a U.S. Army facility or key private CIA contractor — is particularly notable. It has been crystal clear from the beginning that the FBI’s case is filled with glaring holes, that their thuggish behavior towards their only suspect drove him to commit suicide and thus is unable to defend himself, and yet, to this day, the FBI continues to conceal the evidence in its possession and is stonewalling any and all efforts to scrutinize its claims.

The crucial point, at least from my perspective, isn’t that the FBI’s accusations against Bruce Ivins are demonstrably false, and it’s not that Bruce Ivins had no role in the anthrax attacks — there is ample grounds for believing both propositions to be true, but I’m not at all suggesting one can reach a definitive conclusion based on what is known. Rather, the point is that the accusations that the FBI has outlined and the evidentiary case it has disclosed are so full of substantial holes that the FBI ought to disclose all of the evidence in its possession — scientific and non-scientific — and fully cooperate with a real, independent review of all of that evidence by an investigative body possessing subpoena power and whose mandate is both to examine the anthrax attacks and the FBI’s case from scratch.

FBI Still Using Shiny Objects to Distract from Their Flimsy Anthrax Case

By: emptywheel Wednesday September 17, 2008 10:16 am

We’re worried about Pat Leahy’s seeming certainty that only scientists at Dugway in UT and Batelle in OH have the technical competence to make the anthrax used in the attacks; when Leahy made Mueller call FBI to find out if that were true, Mueller eventually responded that the answer is classified. We’re worried that the FBI’s explanation for how and why Ivins would have driven several hours to Princeton to mail the anthrax letters keeps changing from dubious story to dubious story–meaning even if Ivins made this anthrax, they have no proof he mailed it. And we’re worried that the FBI seems to have attributed Ivins’ wife’s beliefs to him in order to explain the choice of targets–even though Leahy’s apparent suspicion (that the attack was related to recent efforts to develop an offenseive bioweapons program) provides a much more plausible explanation for the targets.

In other words, the flimsiest aspects of the anthrax case have nothing to do with genetic analysis. But it’s through an independent review of the genetic analysis, and genetic analysis only, that Robert Mueller would like to use to reassure us that the case is sound.

Weekend News Digest

Weekend News Digest is an Open Thread

From Yahoo News Top Stories

1 Paulson resists calls for added help in bailout

By MARTIN CRUTSINGER, AP Economics Writer

49 minutes ago

WASHINGTON – Treasury Secretary Henry Paulson said Sunday that the nation’s credit markets remain frozen and Congress must move quickly to pass a $700 billion bailout package for financial firms. But key Democrats said the legislation needs changes to provide better protections for taxpayers and homeowners in danger of losing their homes.

“The credit markets are still very fragile right now and frozen,” Paulson said in an interview on NBC’s Meet the Press. “We need to deal with this and deal with it quickly.”

Paulson made the rounds of the television talk shows to stress the need for speed in getting the bailout package approved. The administration spent the weekend negotiating the details of the proposal with members of Congress with the expectation that it can be passed in the next week.

2 Paulson says bailout needed to shield economy

By Mark Felsenthal and Tom Ferraro, Reuters

2 hours, 33 minutes ago

WASHINGTON (Reuters) – U.S. Treasury Secretary Henry Paulson took his case for an unprecedented $700 billion bailout of financial markets to the American people on Sunday, saying it was needed to prevent further damage to an already fragile economy.

“This is not something that we wanted to do. This was something that was very necessary,” Paulson said on the NBC Sunday program “Meet the Press.”

“We did this to protect the taxpayer.”

3 Pakistan blames Al-Qaeda for hotel bombing

by Emmanuel Giroud, AFP

2 hours, 42 minutes ago

ISLAMABAD (AFP) – Pakistan on Sunday blamed Al-Qaeda linked Taliban militants for the massive suicide truck bombing at the Marriott Hotel that killed at least 60 people and injured more than 260.

Dramatic footage of Saturday night’s attack showed the carnage could have been far worse, but the attacker failed to get through a secondary barrier when he crashed his explosives-laden truck into the hotel’s security gates.

The interior ministry said the truck was packed with 600 kilos (1,300 pounds) of explosives, and pointed a finger at Taliban militants allied with Al-Qaeda who are based in the remote areas along the border with Afghanistan.

Weekend News Digest

Weekend News Digest is an Open Thread

58 stories, which is about all that fits, but no Politics, Business, or Science yet.

Busy News day.

I did reach a little farther back for some stories, but that’s because they were of particular interest.

I will update the missing categories at some point, but probably not until after 6 pm.

From Yahoo News Top Stories

1 Congress gets $700 billion financial bailout plan

By Kevin Drawbaugh and Richard Cowan, Reuters

34 minutes ago

WASHINGTON (Reuters) – The Bush administration on Saturday sent a $700 billion financial markets rescue plan to Congress where Democrats immediately questioned its impact not only on Wall Street, but on homeowners and taxpayers as well.

The plan to move toxic mortgage-related debt off the balance sheets of U.S. banks and other institutions, and into a massive government portfolio, represents an all-out attack on the worst financial crisis since the Great Depression.

Under authority sought by the U.S. Treasury Department, the government could purchase as much as $700 billion in mortgage-related assets from U.S.-headquartered institutions.

Decisions by the treasury secretary related to the buyback program could not be reviewed by any court, according to a copy of the department’s draft legislation obtained by Reuters.

The Stars Hollow Gazette

Ahoy matey.

If ye been cypherin’ why yer fellow Dharmaniacs be palaverin’ like land lubbers, they be not savvy to the tongue of the sea.  It be International Talk Like A Pirate day.

Hurray!

A round of grog fer all the hands.

I be Cap’n Hank Bloodbeard. and here be the reason we pillage and loot-

(T)he day is the only holiday to come into being as a result of a sports injury. He has stated that during a racquetball game between Summers and Baur, one of them reacted to the pain with an outburst of “Aaarrr!”, and the idea was born. That game took place on June 6, 1995, but out of respect for the observance of D-Day, they chose Summers’ ex-wife’s birthday, as it would be easy for him to remember.

Members of the Church of the Flying Spaghetti Monster find additional, symbolic significance in celebrations of this day.

According to the Pastafarian belief system, pirates are “absolute divine beings” and the original Pastafarians. Their image as “thieves and outcasts” is misinformation spread by Christian theologians in the Middle Ages and by Hare Krishnas. Pastafarianism says that they were in fact “peace-loving explorers and spreaders of good will” who distributed candy to small children, and adds that modern pirates are in no way similar to “the fun-loving buccaneers from history.” Pastafarians celebrate International Talk Like a Pirate Day on September 19.

The inclusion of pirates in Pastafarianism was part of Henderson’s original letter to the Kansas School Board. It illustrated that correlation does not imply causation. Henderson put forth the argument that “global warming, earthquakes, hurricanes, and other natural disasters are a direct effect of the shrinking numbers of pirates since the 1800s.” A chart accompanying the letter shows that as the number of pirates decreased, global temperatures increased.

So they be doin’ it fer the Polar Bears.

Talking like a pirate, however, doesn’t just mean running through the hallways yelling “yarr!” at everyone. To get more in touch with one’s inner pirate, here is a short list of useful terms that may help readers throughout their day of pillaging and searching for buried treasure.

If ye steer a course to the official website of International Talk Like A Pirate Day, ye may wish to read the FAQ, to help ye splice the mainbrace proper like.  Then ye’ll be ready to talk like a pirate.

There will come a time when you have a chance to do the right thing.

I love those moments. I like to wave at them as they pass by.  

22.07- Thanks for nothing.

This won’t be the longest or most detailed essay I have ever written because like John McCain and the Republican Party I know nothing at all about economics.

I do know numbers and recognize milestones however and I would be remiss if I let this one pass without remark-

On January 19th 2001, the last trading day before W took office, the Dow Jones Industrial Average closed at 10,587.59.

Today, September 17th 2008, the Dow Jones Industrial Average closed at 10,609.66

That’s a gain of 22.07 points over the 2,798 days (7 years, 7 months, and 29 days) he has been in office.

Thanks for nothing asshole.

The Stars Hollow Gazette

So last night you found out my Great Grandpa worked on the Panama Canal.

My Gramp didn’t do anything glamorous, he was an accountant in the payroll office.

He wrote an unpublished memoir that some people in my family have and the story that stuck in my mind was this one-

When the workers got to Panama they’d throw their hats off the boat as a symbol of their commitment to stay.

The conditions were terrible- tents, mud, and insects.

So he and his buddy were sitting at breakfast.  They were eating oatmeal with raisins and put the usual milk and sugar on them.

Then one of the raisins in his buddy’s bowl started moving.

The buddy left on the next ship.

Voyage to the Son of the Return of Anthrax

So you remember those hearings where our brave Democratic Congressmen, armed with Super Subpoena Power, were going to “get to the bottom of things”?

The oversight joke

Glenn Greenwald, Salon.com

Tuesday Sept. 16, 2008 11:21 EDT

Vividly illustrating this impotence in the anthrax context, Rep. Jerry Nadler of New York used his five minutes to ask Mueller about several of the most glaring holes in the FBI’s case against Bruce Ivins. Nadler specifically focused on the fact that scientists (including in the FBI) had long claimed that the anthrax sent to Sen. Daschele was dried anthrax that had been coated with silica and was thus far too sophisticated for Ivins to have prepared, only for the FBI suddenly to reverse itself recently and claim that the anthrax was not coated with silica but had, instead, simply naturally absorbed silicon from the air.

Nadler had various good questions about that — including wanting to know the level of concentration of silica found in the anthrax (since, if it were higher than 1/2 of 1%, it would mean it was impossible for it to have been naturally absorbed). Mueller’s response: I don’t know the answers to those questions. I’ll have to get back to you at some point.

Nadler than asked one of the most central questions in the anthrax case: he pointed out that the facilities that (unlike Ft. Detrick) actually have the equipment and personnel to prepare dry, silica-coated anthrax are the U.S. Army’s Dugway Proving Ground and the Battelle Corporation, the private CIA contractor that conducts substantial research into highly complex strains of anthrax. Nadler asked how the FBI had eliminated those institutions as the culprits behind the attack. After invoking generalities to assure Nadler that the FBI had traced the anthrax back to Ivins’ vial (which doesn’t answer the question), Mueller’s response was this: I don’t know the answers to those questions as to how we eliminated Dugway and Battelle. I’ll have to get back to you at some point.

Nadler then ended by asking whether Mueller would object to an independent commission or other body to review the FBI’s evidence and its accusations against Ivins and whether the FBI would cooperate with such an independent inquiry. Mueller pretended to answer by telling Nadler that the FBI intended to ask some members of the National Academy of Science to review the FBI’s scientific claims, but that didn’t answer the question as to whether the FBI opposed a full-scale independent review of the FBI’s case and whether the FBI would cooperate with it. Nadler then noted his time was up and a Republican member then began asking about The Grave Threats Posed by The Terrorists in order to justify the FBI’s imminent, new domestic surveillance powers, with not a single new fact — literally not one — disclosed about the anthrax investigation, despite Nadler’s perfectly relevant questions.

I’ll note for my own reputation that the circular link is Greenwald’s.

But I forgive him.

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